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Dimensional National Municipal Bond ETF
DFNM

293 hedge funds and large institutions have $1.96B invested in Dimensional National Municipal Bond ETF in 2026 Q2 according to their latest regulatory filings, with 31 funds opening new positions, 168 increasing their positions, 67 reducing their positions, and 8 closing their positions.

New
Increased
Maintained
Reduced
Closed

288% more first-time investments, than exits

New positions opened: 31 | Existing positions closed: 8

151% more repeat investments, than reductions

Existing positions increased: 168 | Existing positions reduced: 67

11% more capital invested

Capital invested by funds: $1.76B → $1.96B (+$199M)

6% more funds holding

Funds holding: 276 → 293 (+17)

3.23% more ownership

Funds ownership: 85.59% → 88.82% (+3.2%)

6% less funds holding in top 10

Funds holding in top 10: 33 → 31 (-2)

Holders
293
Holders Change
+17
Holders Change %
+6.16%
% of All Funds
3.55%
Holding in Top 10
31
Holding in Top 10 Change
-2
Holding in Top 10 Change %
-6.06%
% of All Funds
0.38%
New
31
Increased
168
Reduced
67
Closed
8
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Focus Partners Wealth
Focus Partners Wealth
Massachusetts
+$40.9M
2
FPAS
Focus Partners Advisor Solutions
Missouri
+$21.4M
3
AC
Apella Capital
Connecticut
+$13.1M
4
IWC
Integrated Wealth Concepts
Massachusetts
+$9.02M
5
GM
GeoWealth Management
Illinois
+$8.4M

Top Sellers

Rank Fund Capital Flow
1
HighTower Advisors
HighTower Advisors
Illinois
-$14.4M
2
PF
Penney Financial
Texas
-$2.97M
3
BJB
Broadhurst Jeffrey B
-$1.57M
4
SP
Symmetry Partners
Connecticut
-$1.53M
5
EWP
E-Wealth Partners
Minnesota
-$1.45M
Name Holding Trade Value Shares
Change 		Change in
Stake
AFO
76
Aurelius Family Office
New Hampshire
$3.9M +$537K +11,128 +16%
WFAG
77
Wescott Financial Advisory Group
Pennsylvania
$3.83M -$46.4K -962 -1%
VT
78
Vise Technologies
New York
$3.76M +$1.82M +37,662 +94%
Stifel Financial
79
Stifel Financial
Missouri
$3.72M -$284K -5,897 -7%
MGW
80
MB Generational Wealth
Washington
$3.67M +$923K +19,144 +34%
PAG
81
Private Advisor Group
New Jersey
$3.65M +$788K +16,338 +28%
QHA
82
Quarry Hill Advisors
Minnesota
$3.63M +$348K +7,209 +11%
HSG
83
Helen Stephens Group
Texas
$3.63M -$1.42M -29,394 -28%
VWM
84
Vermillion Wealth Management
Minnesota
$3.56M +$220K +4,552 +7%
SC
85
Scratch Capital
Idaho
$3.41M -$147K -3,050 -4%
BAAM
86
Baker Avenue Asset Management
California
$3.36M +$292K +6,059 +10%
MWM
87
Modera Wealth Management
New Jersey
$3.34M -$80.2K -1,663 -2%
BP
88
BWM Planning
Texas
$3.32M +$421K +8,723 +15%
Truist Financial
89
Truist Financial
North Carolina
$3.31M +$69.5K +1,441 +2%
EWP
90
E-Wealth Partners
Minnesota
$3.25M -$1.45M -30,101 -31%
PCA
91
Prosperity Capital Advisors
Ohio
$3.11M -$274K -5,685 -8%
JTWM
92
Jackson Thornton Wealth Management
Alabama
$3.05M +$999K +20,722 +49%
SWG
93
Summit Wealth Group
Vermont
$2.99M -$143K -2,960 -5%
NA
94
Note Advisors
New York
$2.97M +$182K +3,781 +7%
TCM
95
Tassel Capital Management
North Carolina
$2.96M -$55K -1,140 -2%
TFA
96
TandemGrowth Financial Advisors
Georgia
$2.95M -$46.2K -959 -2%
GAM
97
GEM Asset Management
Michigan
$2.94M -$9.69K -201 -0.3%
PWM
98
Platform Wealth Management
Utah
$2.76M +$2.75M +57,058 New
Financial Engines Advisors
99
Financial Engines Advisors
California
$2.75M +$410K +8,493 +18%
PAS
100
Park Avenue Securities
New York
$2.71M +$513K +10,647 +23%
2 3
4
5 6

DFNM Hedge Fund Activity: Q2 2026 in Review

293 of the 8,263 institutional investors tracked by Wall St. Rank reported a position in Dimensional National Municipal Bond ETF (DFNM) for Q2 2026, worth a combined $1.96B — up 11% from $1.76B a quarter earlier.

Buyers outnumbered sellers: 31 funds opened new DFNM positions and 8 closed out — a net gain of 23 holders — while 168 added to existing stakes and 67 trimmed.

The largest buyer was Focus Partners Wealth, adding an estimated $40.9M. The largest seller was HighTower Advisors, cutting an estimated $14.4M.

  • 293 institutional investors held Dimensional National Municipal Bond ETF (DFNM) as of Q2 2026, up from 276 in Q1 2026.
  • Funds reported $1.96B of Dimensional National Municipal Bond ETF stock for Q2 2026, up 11% quarter-over-quarter.
  • 31 funds opened new Dimensional National Municipal Bond ETF positions in Q2 2026 and 8 closed out, a net change of +23 holders.
  • The largest Dimensional National Municipal Bond ETF buyer in Q2 2026 was Focus Partners Wealth, an estimated $40.9M added.
  • The largest Dimensional National Municipal Bond ETF seller in Q2 2026 was HighTower Advisors, an estimated $14.4M sold.

Based on aggregated 13F filings for Q2 2026.